GST input on shares purchased by broker
This query is : Resolved
15 December 2024
whether GST input can be claimed on shares purchased by broker. if disallowable under which section.
15 December 2024
Brokers cannot claim GST input on shares purchased because these transactions do not fall under taxable supplies as per GST law. This is primarily governed by Section 17(5) of the CGST Act, which outlines conditions under which ITC is disallowed. Therefore, any GST paid on brokerage or related services while purchasing shares does not qualify for input tax credit.
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